Myths Associated with Credit Scores | CREDIT SCORE MYTHS | Intelligent Finance Guide

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Low financial literacy means most people applying for loans, mortgages or credit cards have never checked, nor heard of, their credit scores. By this time, the damage has often been done
Low information transparency means it can be difficult to know the best interest rates for each customer’s unique profile, the financial providers that offer the best terms, and how to maximize one’s chances of being approved (where a rejection further worsens the credit score)
High effort and hassle means one is too hard-pressed to shop around, try multiple options and find the best fit, instead ending up with sub-optimal decisions and a whole lot of wasted time and sweat

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Here are 3 huge myths about credit scores that you need to know the truth about today…
1. Credit Score Depends on Your Annual Income
It is possible for a person to have a score of 800 plus with an annual income of Rs.5 lakh. Similarly, it is also possible for a person with an annual income of Rs.10 lakh to not have a credit score at all. Credit score depends purely on whether you have credit lines and how well you manage them.
2. Getting Married will Merge Your Scores
There is nothing like merging credit scores in reality. No matter what your marital status is, credit scores are determined based on individual financial behavior only. Having joint bank accounts will not change anything with respect to your credit history and score.
3. Debit Card Builds a Credit Score
Debit cards do not contribute to building your credit history or getting a credit score, for the simple and straightforward reason that there is no credit involved. You must avail a credit card or a loan to open your quota of credit history.

Need to keep an eye on your credit score on a regular basis?
Well, all you need to do is sign up at the mymoneykarma website. We provide you free access to your credit score, detailed credit report, and personalized advice on how your credit can be improved. Moreover, checking your score with mymoneykarma is a soft inquiry, meaning it does not have any impact on your credit score. You can get started right away by following the link below.